Arizona Foreclosure update - Bank of America Halts sales..... Gilbert AZ Real Estate

Real Estate Broker/Owner with Varoga Realty Group

Arizona Foreclosure update - Bank of America Halts sales..... Gilbert AZ Real Estate


Brief statement, big impact

Bank of America, Arizona's largest home-mortgage lender, issued this short announcement Friday and denied requests for additional details:

"Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for our past foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus."

Source: Bank of America


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A major player in foreclosure market

Bank of America issued nearly one-third of all Maricopa County foreclosure notices in September and was the listed seller for more than one-fifth of the bank-owned homes on the market.

• Active foreclosure notices

Total: 39,042

Bank of America: 12,198

BofA market share: 31%

• Foreclosed homes listed for sale in September

Total: 20,850

Bank of America: 4,551

BofA market share: 22%

Source: Information Market

BofA by the numbers

Selected Bank of America nationwide data for the quarter ending June 30:

• Profit: Earned $3.1 billion, or 27 cents a share, on quarterly revenue of $29.5 billion.

• Lending: Extended $174 billion in credit, including $72 billion in residential first mortgages.

• Borrowers: Helped 342,000 people buy or refinance mortgages, including 129,000 low- or moderate-income homeowners.

• Delinquencies: Reported $22.5 billion worth of residential mortgages that were 30 days or more late, mostly government-insured mortgages.

• Loan modifications: Altered 80,000 mortgages.

Source: Bank of America

Chase offers mortgage counseling

Troubled homeowners holding Chase, Washington Mutual or EMC mortgages can meet in person with JPMorgan Chase loan counselors in downtown Phoenix through Monday.

Chase said it would provide initial counseling for prospective mortgage-modification customers as well as for people who are current but struggling with their mortgage payments and those seeking short-sale assistance.

Chase will have more than 50 counselors on hand.

The sessions will run daily from 8 a.m. to 8 p.m. through Monday at the Wyndham Phoenix Hotel, 50 E. Adams St.


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